Sec. 2. As used in this chapter and unless a different meaning appears from the context:

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Terms Used In Indiana Code 27-7-3-2

  • commissioner: shall mean the insurance commissioner. See Indiana Code 27-7-3-2
  • company: shall mean and include any corporation, domestic or foreign, to which this chapter is applicable. See Indiana Code 27-7-3-2
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • department: shall mean the department of insurance of the state of Indiana. See Indiana Code 27-7-3-2
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • title insurance: means a contract of insurance against loss or damage on account of encumbrances upon or defects in the title to real estate. See Indiana Code 27-7-3-2
     (a) The term “title insurance” means a contract of insurance against loss or damage on account of encumbrances upon or defects in the title to real estate.

     (b) The term “closing protection letter” means a written indemnification of or undertaking to a party to a real estate transaction by a principal that specifies the extent to which the principal is responsible for intentional or unintentional misconduct or errors of an agent of the principal in connection with the closing of the real estate transaction.

     (c) The term “company” shall mean and include any corporation, domestic or foreign, to which this chapter is applicable.

     (d) The term “department” shall mean the department of insurance of the state of Indiana.

     (e) The term “commissioner” shall mean the insurance commissioner.

     (f) The term “public record” has the meaning set forth in IC 5-14-3-2.

     (g) The term “title policy” means a policy issued by a company that:

(1) is authorized to do business as a title insurance company under section 3 of this chapter; and

(2) insures or indemnifies persons with an interest in real property against loss or damage caused by a lien on, an encumbrance on, a defect in, or the unmarketability of the title to the real property.

     (h) The term “title search” means a search and examination of the public records sufficient to determine:

(1) ownership of;

(2) encumbrances on;

(3) liens on; and

(4) defects in the title to;

the real estate that is the subject of the search.

Formerly: Acts 1937, c.104, s.2. As amended by P.L.252-1985, SEC.248; P.L.68-2002, SEC.1; P.L.80-2013, SEC.3.

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